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'Elongated recovery' for Dalata

Dalata says that its business could be facing a longer-than-expected period of recovery to pre-Covid trading levels, according to analysts.clayton

 Dalata could experience an "elongated" recovery time due partly to the effect of latest Covid restrictions, according to Davy.
“The net effect is to assume a shallower peak-to-trough impact from Covid-19 and an elongated period of recovery,” said analyst Colin Grant.
In September, Dalata reported a near €71m pre-tax loss for the first half of 2020 and a 60% year-on-year drop in revenue to €81m. 
However, the group also raised €94m from a share sale to bolster its balance sheet and fund  hotel expansion in London.

 

Davy has forecasted Dalata will be free cashflow positive next year and will see substantial recovery in 2022. However, it warned “the forecast error remains extremely high”.
“We have assumed that the [tourism and hospitality] sector benefits from a vaccine for Covid-19 from around the second half of 2021 onwards, but this may be too conservative and pent-up demand could impact sooner than this. We believe that increased confidence has already led to an uptick in enquiries," said Mr Grant.
 

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